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her gainer nor loser by the coinage of any metal; for they subtract, or ought to subtract, no more from the intrinsic value than what will just pay all the charges of the mint; and how much that will amount to, is the question. By what I could gather from Mr. M'Culla, good copper is worth fourteenpence per pound. By this computation, if he sells his copper notes for two shillings the pound, and will pay twentypence back, then the expense of coinage for one pound of copper must be sixpence, which is thirty per cent. The world should be particularly satisfied on this article before he vends his notes; for the discount of thirty per cent. is prodigious, and vastly more than I can conceive it ought to be. For, if we add to that proportion the sixteen per cent. which he avows to keep for his own profit, there will be a discount of about forty-six per cent. Or, to reckon, I think, a fairer way: Whoever buys a pound of Mr. M'Culla's coin, at two shillings per pound, carries home only the real value of fourteenpence, which is a pound of copper; and thus he is a loser of _41l. 13s. 4d._ per cent.[114] But, however, this high discount of thirty per cent. will be no objection against M'Culla's proposals; because, if the charge of coinage will honestly amount to so much, and we suppose his copper notes may be returned upon him, he will be the greater sufferer of the two; because the buyer can lose but fourpence in the pound, and M'Culla must lose sixpence, which was the charge of the coinage.[115] Upon the whole, there are some points which must be settled to the general satisfaction, before we can safely take Mr. M'Culla's copper notes for value received; and how he will give that satisfaction, is not within my knowledge or conjecture. The first point is, that we shall be always sure of receiving good copper, equal in bulk and fineness to the best English halfpence. The second point is, to know what allowance he makes to himself, either out of the weight or mixture of his copper, or both, for the charge of his coinage. As to the weight, the matter is easy by his own scheme; for, as I have said before, he proposes forty-eight to weigh a pound, which he gives you for two shillings, and receives it by the pound at twentypence: so that, supposing pure copper to be fourteenpence a pound, he makes you pay thirty per cent. for the labour of coining, as I have already observed, besides sixteen per cent. when he sells it. But if to this
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